Chapter 7 Bankruptcy

Bankruptcy Attorneys for Chapter 7 in Georgia

Are you considering Chapter 7 bankruptcy in Georgia to alleviate your unsecured debt?  Our experienced team can guide you through the process and ensure your assets are protected.

**Understanding Chapter 7 Bankruptcy in Georgia**

Chapter 7 bankruptcy, often referred to as liquidation bankruptcy, offers individuals the opportunity to discharge most of their unsecured debts. One common concern among filers is whether they can retain their homes and vehicles. The good news is, in Georgia, you can typically keep both your house and car when filing for Chapter 7 bankruptcy.

**Qualifying for Chapter 7 in Georgia**

To qualify for Chapter 7 bankruptcy in Georgia, you must meet certain criteria. Firstly, you cannot have filed for Chapter 7 bankruptcy within the past eight years. Additionally, you must pass the "means test," which compares your household income to the median income for your household size in Georgia. If your income falls below the median, you qualify for Chapter 7. Even if your income exceeds the median, deductions for various expenses may still make you eligible.

**Trustee Duties in Chapter 7**

Once you file for Chapter 7 bankruptcy in Georgia, a trustee will be assigned to your case to ensure fairness to your creditors. The trustee assesses your assets and liabilities to determine if any assets can be liquidated to repay creditors. However, liquidation of assets is not common in consumer Chapter 7 cases.

**Protecting Your Property**

Georgia law provides exemptions that protect certain assets from liquidation in bankruptcy. For example, you can exempt up to $21,500 of equity in your primary residence under the homestead exemption. Additionally, exemptions exist for vehicles, retirement accounts, cash, and household goods.

**Keeping Your Home and Car**

 In Georgia, you can keep your home if its equity falls below a certain threshold, or if you maintain current mortgage payments. Similarly, you can retain your vehicle by ensuring your car loan payments are up to date. Reaffirmation agreements may be required to reaffirm your commitment to the car loan after bankruptcy.

 **Exceptions to Discharge**

 While Chapter 7 bankruptcy discharges most unsecured debts, some debts are not dischargeable, including student loans and certain taxes. However, there are exceptions, such as discharging income taxes filed more than three years prior to bankruptcy.

**The 341 Meeting of Creditors**

 After filing for Chapter 7 bankruptcy in Georgia, you'll attend a meeting of creditors where the trustee may ask questions about your assets and financial affairs. Creditors have the right to attend but rarely do.

 **Bankruptcy Costs**

 Before filing for Chapter 7, you'll need to complete two credit counseling courses. The filing fee for Chapter 7 bankruptcy in Georgia is $306, with additional fees for counseling and legal services.

 For personalized guidance on Chapter 7 bankruptcy in Atlanta, contact us here for a free consultation.